Visa Crypto Launches Stablecoin Analytics Dashboard

Visa’s cryptocurrency division is launching the Visa Onchain Analytics Dashboard to monitor stablecoin activity.

Due to the significant attention the stablecoin ecosystem has received this season, the cryptocurrency division of the well-known financial services giant Visa has decided to develop a platform known as the Visa Onchain Analytics Dashboard.

Visa Joins The Stablecoin Transparency Push

Cuy Sheffield, Head of Crypto at Visa revealed on X that the company made the decision to pursue their stablecoin analytics dashboard after witnessing a line chart that Nic Carter, a well-known crypto enthusiast had created.

The new platform that Visa has developed was the result of a partnership between the company that manufactures debit cards and the blockchain company Allium Labs.

The executive described the new platform as “an adjusted transaction volume methodology that combines a single directional volume filter that removes redundant internal transactions of a smart contract with an inorganic user filter that only counts volume from addresses that have made less than one thousand transactions and less than $10 million in volume over the past 30 days in an effort to eliminate bot activity.

“This dashboard’s purpose is to give users the ability to monitor stablecoins’ actions whenever it is convenient for them. It will be possible for users to obtain access to crucial indicators such as the supply of stablecoins, the volume of transactions, and the number of monthly active users.

Meanwhile, users can access information for stablecoins linked to the US dollar, including USDC, USDT, PYUSD, and USDP. The stablecoins issue their information across five Layer-1 blockchains and four Layer-2 blockchains.

Visa To Tackle Crucial Stablecoin Challenge

The problem of “lots of noise” with its data is one of the common challenges that Visa has noticed, according to Sheffield. Visa has recognized some of the same challenges as stablecoin.

He highlighted that the use of digital currency in various use cases, involving transactions initiated manually by an end user or programmatically through bots, leads to this difficulty.

In an effort to provide answers to these deficiencies, developers are focusing on the creation of automated algorithms that are capable of performing tasks such as arbitrage, liquidity provision, and market creation.

All of these things are essential for maintaining the ecology of decentralized finance (DeFi), but at the same time, they do not depict settlement in the conventional sense.

This discovery was the impetus for Visa to form a partnership with Allium Labs. We expect this tool to provide a more precise estimation of the volume of stablecoin settlements, among other capabilities.

Visa plans to enhance the analytics dashboard in the near future, taking into account the valuable feedback from users. During this time, an increasing number of companies are entering the stablecoin ecosystem.

Ripple Labs, a business that specializes in cryptocurrency payments, has revealed its intention to produce a stablecoin that would be fixed to the USD.

Additionally, the BRICS group, which is a popular bloc that is working to challenge the dominance of the dollar, is currently contemplating the introduction of its own stablecoin currency.